A $50 Million FDIC Insured CD from CDARS

Last year, the FDIC raised its insurance limit to $250,000. That means that, if your bank goes under, your money (up to $250,000) is guaranteed by the government.

But did you know that you can actually get an FDIC insured CD up to $50 million?

It turns out that a lot of banks belong to CDARS - the Certificate of Deposit Account Registry Service.

Basically, you would go to one of these banks and open up a CDARS CD. As far as you are concerned, you will have one large, FDIC insured CD - i.e. one rate and one statement.

In the background, the money will be broken up and scattered amongst all the network banks to guarantee that each portion is within the FDIC limit of $250,000.